I was invited to use Paypal's new Working Capital Program. I at first was a little unsure but thought I give it a shot and borrowed the minimum which was $1000 just to see if it was what they said it was. I got the loan 5/18/2014. I paid the loan off everyday as stated and then on 5/31/14 I paid the loan off completely. I tried for a second loan and was denied. Has anyone else had this issue and have you gotten a reason why you were good enought to loan the first time but instantly turned down the second. Makes no sense. Please help
Try using different possible combinations of SS# and EIN numbers. Customer Service walked me through the info that I was inputting and just kept telling me to try different options until it went through. I only got denials so I thought it was something wrong with our account. That was the only helpful person that answered. I was approved 2x's but denied before the aprrovals multiple times. On oneI changed the phone number and the other I put the apt 4 instead of #4. Its so frustrating especially when you payments are made in a timely manner.
Why can't these people give us a staight and honest answer? How can we fix things if all our letters read "recently linked to another PayPal account", "not in good standing", etc. When you call them, they give you an ambiguous answer, as if they don't really know what to say, and they probably don't. Their customer service sucks big time!!.
Curious if all people who posted to this thread are eBay sellers? I am not an eBay seller, but use paypal to process all of my payments and am coming up on 5 years with paypal in November with about $150K annually. I currently have a working capital loan. I'm about to pay it off and reapply and these comments make me, obviously, concerned. Is there any link to eBay sellers? Jw.
Just curious if any of you are now having better luck getting approved for 2nd and 3rd loans? I had read on another forum that the system is working better now.
@Voiceoverguy wrote: Just curious if any of you are now having better luck getting approved for 2nd and 3rd loans? I had read on another forum that the system is working better now.
No luck on our end, but did confirm that the decline was because of our having multiple paypal accounts. They are supposedly working on it and will remove this limitation sometime later this month. We do have other paypal accounts that we move money over from our main account to in order to segment it, but we never receive buyer payments into any of them (which them doing a quick check would confirm). I totally understand the risk on their end, but all they have to do is include in the agreement that the percentage will be applicable to anything that gets paid into secondary accounts or put some verbiage in that prohibits receiving payments into more than one account. It really should be a very simple fix to eliminate their risk on that issue. They said to keep trying twice a week, which we will do.
I am not an Ebay seller, and got my second loan, but after four tries, then another call to a WC rep, he was very poliet, then..... Shazam! ~v Second loan approved finnaly,
but for much less then the first one, which is ok, we will be able to pay it off faster this way, and hope for a third one next year:) Good luck to all!
I have been very upset about this. I got a loan on June 3rd for $3500 and paid it off today thinking I would be do it for fall merchandise....Denied!! I called and they were talking about new variables that had been implemented and they were talking about going in and undoing this so we won't be declined. However after reading on the forum it may be because of a charge back issue/s. I have a friend that sent me 6 transactions....then later moved his banking thinking all had cleared. Needless to say it was a nightmare for him and it was his banks error so it was closed and all was good. The cases were closed; I did nothing wrong, yet I'm wondering if this could be the hiccup. I hope not because this would be ridiculous. When PayPal implemented this program I thought how great it was and I only used PayPal for a small percentage of my business. I make well over 100k each year and I had thought about using PayPal for a deeper part of my advertising business just because of the working capital. I will see how this is rectified before that decision is made. Everyone that has been declined should call and fill out the survey. All of our voices should be heard.
Same here.... Was approved for $2,500 in February 2014 and paid it off in August 2014 (7 months). Asked for a new loan: DENIED. Never had a charge back, or a dispute, nothing.... always make sure to Add Money if and when needed.... business isn't that great, I admit, but it isn't different than the day I was approved for the first loan....The only thing I am thinking may be that I had used the sales money before they could take the repayment, but that was because I thought that they would take the repayment immediately as they do for the fees. It may have happened twice, before I realised that the balance still had the repayment in it and then I never did it again. I feel better to see that I am not the only one but I am not happy that they are so harsh. I am seriously thinking about moving my business elsewhere... Why attract people's attention with such a beautiful and easy program and then drop them like dirt? Where is their interest to drop us? They are taking 15% after all plus $106 fee. So what's their beef? I find this very offensive and I am really **bleep** off....... as if we aren't worth another one.... I was actually very serious repaying back because I was counting on this as a very simple and helpful help to my business once a while. Keep your money PAYPAL and leave me alone. Don't ever ask me to sign up with any of your programs..... and I WILL NEVER recommend PayPal ever again to my friends, customers and associates.... and they are plenty. Thanks.
